North Adams Retirement Board Supplemental Regulations

Subject:

Regulation:

Creditable Service March 28, 2013
Members of the North Adams Retirement System shall receive creditable service, in whole month increments, consistent with this regulation in the following manner:

• For a member in service who is employed in a full-time capacity, he/she will receive one (1) month of creditable service for each full month for which the employee receives regular compensation and remits the appropriate contributions to the North Adams Retirement System, with said service not to exceed one (1) year of creditable service in any calendar year.

• For a member in service who is employed in a part-time capacity throughout his/her entire career, he/she will receive one (1) month of creditable service for each full month for which the employee receives regular compensation and remits the appropriate contributions to the North Adams Retirement System, with said service not to exceed one (1) year of creditable service in any calendar year.

• For a member who has rendered membership service in the North Adams Retirement System in both a full-time and part-time capacity, the member shall receive full credit for all full-time service and prorated credit for part-time service based on the full-time equivalency of 30 hours per week.

• For a member who is employed in a part-time capacity throughout his/her career but who either purchases past refunded service, or has transferred into the North Adams Retirement System previous service rendered in a full-time capacity, the member’s part-time service shall be prorated based on the full-time equivalency of 30 hours per week.

• In the case of School Department employees whose full-time employment requires them to work from on or about September 1st to on or about June 30th., including but not limited to cafeteria workers, clerical and secretarial staff teacher’s assistant and teaching professionals, such as therapists, said employees shall receive one month of creditable service for each full month the employee is receiving regular compensation, with ten (10) months being the equivalent of one (1) year of creditable service. School Department employees who are employed in a part-time capacity shall have their creditable service prorated in the same manner as all members of the North Adams Retirement System as set forth in this regulation.

• The Board recognizes that certain School Department employees, including but not limited to custodians and secretaries, are required to work the entire calendar year, and in such a situation, said employees’ creditable service will be calculated based on a twelve (12) month year.

• Creditable service for 10 month employees shall be based on 30 hours being the equivalent of 1 week, whereas creditable service for 12 month employees shall be based on 30 hours per week.

• Any member purchasing past part-time service rendered shall have said service prorated based on 30 hours per week being considered a full-week of service. Notwithstanding the foregoing, any member who works part-time his/her entire career, and purchases past part-time service rendered, will have all creditable service deemed to be full-time.

Board Policies

April 14, 2009
Three (3) Board members’ signatures are required on all warrants.

All investments must be reviewed by the full five members of the Board.

The minutes of all Board meetings must be read and approved by the Board.

Account information, financial and medical, of both current and former members are not public records.

It is understood by the Board that the Massachusetts General Laws Chapter 32 supersede any conflicting rules, regulations and by-laws established herein.

Buyback

April 14, 2009
All make-up payments for prior service credit must be approved by the Board.